Oil and Gas

Russia's Novak says premature to extend global oil deal, market is being balanced

Russian Energy Minister Alexander Novak.
Leonhard Foeger | Reuters

It is premature to decide on extending the global deal to reduce oil production as the oil market has been rebalancing, Russian Energy Minister Alexander Novak said on Thursday, according to the ministry's Twitter feed.

He also said that if the market struggles to reach balance, "we would discuss the option of the deal extension" after it expires after March 31.

Novak also said that the current oil price of over $54 per barrel is "optimal" for both producers and consumers and allows to make investments in the oil industry.